The book, Accounting Theory and Practice, is intended to provide students with a contemporary and comprehensive course of study in accounting theory and practice. Financial accounting and theory has been in a constant state of evolution and many developments have taken place in this vital discipline. There is also a need to develop adequate knowledge about different elements of financial statements and their recognition and measurement and emerging significant issues in the area of accounting theory and financial reporting.
The text, Accounting Theory and Practice, discusses thoroughly principal approaches in accounting theory construction; accounting postulates, concepts, and principles; elements of financial statements emerging issues of importance in accounting and reporting and reporting practices; cash flow statement.
The materials and discussion in the book have been presented in a highly organized and lucid manner and the book provides a clear and detailed analysis of the concepts, approaches, issues and developments in the area of accounting theory and practice. Thought-provoking, real-life questions and multiple choice questions have been given at the end of the chapters. The book will be very useful to M. Com., M.B.A., M. Phil and Ph.D. students of Indian Universities and Management Institutes. The book will also be useful to those who are preparing for professional accounting examinations and who wish to update their knowledge with current accounting issues and research.
Contents –
PART ONE : FUNDAMENTALS
1. Accounting: An Overview
2. Accounting Postulates, Concepts and Principles
3. Accounting Theory : Formulation and Classifications
PART TWO : ELEMENTS OF FINANCIAL STATEMENTS
4. Income Concepts
5. Revenues, Expenses, Gains and Losses
6. Assets
7. Liabilities and Equity
8. Depreciation Accounting and Policy
9. Inventory
10. Accounting and Reporting of Intangibles
PART THREE : ACCOUNTING STANDARDS
11. Accounting Standards Setting
12. Global Convergence and International Financial Reporting Standards (IFRSs)
PART FOUR : CORPORATE FINANCIAL REPORTING
13. Financial Reporting : An Overview
14. Conceptual Framework
15. Accounting for Cahanging Prices
16. Fair Value Measurement
17. Segment Reporting
18. Interim Reporting
19. Human Resource Accounting
20. Corporate Social Reporting
21. Value Added Reporting
22. Environmental Accounting and Reporting
23. Financial Reporting in Not-for-Profit Organizations
24. Foreign Currency Translation
PART FIVE : SPECIALIZED TOPICS
25. Cash Flow Statement
